Domain names that can only be traded with cryptocurrencies and cannot be purchased with money - .box

Industry Information 24 Jan 2024 11:07:51 AM By:DN domain name editor
Abstract:

Recently, a new generic top-level domain (gTLD) centered around cryptocurrency, .box, has started its sale, attracting attention from the industry. However, the key feature of this domain is its unavailability for purchase with

In recent days, a new generic top-level domain (gTLD) centered around cryptocurrency, .box, has started its sale, attracting attention from the industry. However, the key feature of this domain is its unavailability for purchase with conventional currency.

The .box domain comes with unique characteristics as it can operate on both the traditional consensus DNS (approved and signed by ICANN as a gTLD) and the alt-root on the Ethereum Name Service blockchain. This allows registrants to address their cryptocurrency wallet issues using these domain names.

Domain names that can only be traded with cryptocurrencies and cannot be purchased with money - .box

From a business perspective, Intercap registration management has adopted a series of distinctive practices. Firstly, they do not accept traditional currency payments. My.Box, seemingly the sole registrar, has set an annual fee of $120, payable only with cryptocurrency, including Ethereum or coins pegged to the value of the U.S. dollar at a 1:1 ratio.

My.Box has chosen to register names using the top 10 ICANN-accredited registrar, NameSilo. However, NameSilo's own online store appears not to support these domain names.

The domain's early access period (EAP) follows a unique structure. Prices do not decrease by a certain percentage at midnight every day but continuously drop every minute at a rate of 50% per day. This means that if you persist for several hours (even minutes or seconds), you might acquire the domain at a lower price.

Domain names that can only be traded with cryptocurrencies and cannot be purchased with money - .box

The EAP pricing, starting at $7,680 last Thursday, has decreased to approximately $470 as of the time of writing. According to regional documents, around 30 domain names have been sold during the EAP period.

The pricing method for deleted domain names is also distinctive. Deleted domain names no longer enter the available pool at the regular GA (General Availability) pricing but revert to EAP pricing. Therefore, immediately re-registering a deleted domain will cost $7,680, and you must wait a full 7 days to obtain them at the regular base price.

Although this model may spark some controversy, it does not differ significantly from registrars auctioning off client domains after they expire. Additionally, My.Box requires clients to manage their domain names through its application and does not allow them to assign their own domain servers; they must use the domain servers assigned by the registrar.

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Domain names that can only be traded with cryptocurrencies and cannot be purchased with money - .box